Its eye on global investment, the government plans to amend the Arbitration Act and set up commercial branches in high courts to help settle such disputes faster.
A bill to amend the Arbitration Act, providing for settling disputes in nine months, will be brought during the current session, Law Minister Sadananda Gowda told the Lok Sabha on Wednesday. In the next session will come a bill to enable commercial branches in high courts. The moves are aimed at sending a message to investors about an improved dispute-redress mechanism.
“Amendment to Arbitration Act is ready… It will be brought in April because I have already taken this matter to the cabinet and the cabinet has given its approval,” Gowda said.
“I do concede that delay in disposal of disputes has created much confusion among the people across the country. Even in arbitration cases, people prefer to file arbitration cases outside India rather than here. Now, this government has taken an initiative…,” Gowda said.
Gowda was replying to the debate on the Repealing and Amending Bill, 2014, later passed by the House. It repeals 35 laws the government found dead and archaic. The list initially had 36 but the Employment of Manual Scavenging and Construction of Dry Latrines (Prohibition) Act, 1993, was withdrawn following observations by the standing committee.
Four of the laws were principal Acts, the rest amendments. The amendments included those made to the Representation of the People Act, the Marriage Act, the Election Laws, Divorce Laws and Anand Marriage Act and the Evidence Act. The principal Acts included the Foreign Jurisdiction Act, the Sugar Undertaking (Taking Over of Management) Act and the Indian Fisheries Act.